What Is Considered Bad Credit in Downey, CA?
When you apply for any type of loan, lenders in California look at your credit score to evaluate how likely you are to repay it. Many factors influence your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Downey, CA lender will have its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Downey, CA with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, financing a car in Downey, CA with bad credit won't necessarily be easy. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in California, you may learn your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Downey loan before you apply.
Worried about your potential interest rate and monthly payment? You should contemplate improving your credit score before you start applying for auto loans in Downey, California. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Downey, CA for Bad Credit Car Loans
A low credit score can increase your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Downey, CA. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can choose the best loan for you and head to your favorite Downey dealership with cash in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Downey, CA bad credit car loans!